Editor's note: As of the end of June 2022, First Guaranty Mortgage Corporation is no longer accepting new mortgage applications, according to multiple reports. Borrowers can no longer initiate a loan application through the Goodmortgage website. For more options in your state, visit Bankrate's lender reviews page.
Borrowers looking for a convenient online experience and to explore the full suite of loan products
- Rate-and-term, cash-out and streamline refinancing
- Home equity loan
- Non-QM loan
Goodmortgage does not charge lender fees.
Goodmortgage’s rates are not publicly advertised on the lender’s website, but you can get a free rate quote after filling out contact information online and speaking with a loan officer.
Borrowers can get a prequalification or preapproval, a free rate quote and apply for a purchase loan or refinance through the Goodmortgage website, but must fill out a contact information form to start. After receiving this information, a loan officer will reach out to answer any questions, provide a quote or help create a plan. Borrowers apply for a loan through the lender’s GO portal, where they can lock in their rate, e-sign initial disclosures and check the status of their loan. Goodmortgage also offers a variety of calculators online, including a rent versus buy, affordability, monthly payment and investment property, that can help borrowers weigh different scenarios.
Minimum borrower requirements
Goodmortgage generally follows Fannie Mae’s underwriting guidelines for conventional mortgages, which require that borrowers have a credit score of 620 or better, a down payment of at least 5 percent and a debt-to-income (DTI) ratio of at least 43 percent. For HomeReady and Home Possible conventional mortgages, borrowers can put down as little as 3 percent.
An FHA loan through Goodmortgage requires a 580 credit score or better and a down payment of at least 3.5 percent. In general, you’ll need a DTI ratio of 50 percent or lower. VA and USDA loans don’t have a down payment requirement, but the lender looks for a minimum credit score of 580 for a VA loan and 620 for a USDA loan.
For jumbo loans, Goodmortgage requires at least a 680 credit score, which is lower than what many other lenders mandate. Non-QM products allow for a credit score as low as 620.
Refinancing with Goodmortgage
Goodmortgage’s refinance rates and costs are not available on the lender’s website, but you can reach out to obtain a quote by filling out a contact information form and speaking with a loan officer. Goodmortgage offers several refinancing options, such as rate-and-term and cash-out refinancing, FHA streamline refinancing, VA Interest Rate Reduction Loan (IRRRL) and USDA streamline assist refinancing.
Not sure if Goodmortgage is right for you? Consider these alternatives
Breakdown of Goodmortgage overall review score
- Affordability: 3/5
- Availability: 3.8/5
- Borrower experience: 4.3/5
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.